Congratulations on a good set of numbers. So just on, I think, in the EBITDA bridge in the presentation, I think there is some raw material saving also between the third and fourth quarter. So could you just quantify -- I guess, it's primarily from coking coal cost. So c ould you just quantify what was the coking coal consumption cost in Q3 and Q4?
Okay. This is because of higher PCI and more oxygen usage?
Sir, first question was on the volumes. So this quarter, we've probably liquidated some inventory. But I also want to check that NMDC had mentioned that NMDC Steel is also having a marketing arrangement with SAIL. So any of this quarter volumes include some steel from NMDC Steel?
So this 5.33 includes about 0.36 million tons of NMDC Steel. Is that correct, sir?
Yes, good evening, sir. So just a question on the CAPEX guidance for the domestic operations, could you just give us the FY '26 and '27 guidance?
Sure, sir. I mean, India's net cash, so this can be easily funded without any debt being taken on.
So the first question was on the Novelis term loan that we've taken. So given that interest rates are going up, so is it that the new borrowings are at a higher rate of interest than the earlier one? So what exactly is the rationale for this new borrowing?
So given that our credit metrics have improved substantially, so I guess that would also help get a more favorable rate of interest?
Sir. I have a question. The new plant at Bangalore, I think in the last call you had mentioned that the location was supposed to be in Ahmedabad. So, has there been any change in our strategy in terms of geography?
The reason for us turning into net cash to debt again is because of the lower EBITDA this quarter or again there's build up that is happening working capital.
So, just wanted your views on the recent decline in across non -ferrous metals. So, I think a lot of expectations over there on Chinese stimulus, but we have not really seen any of that coming through. So, do you think prices should stabilize at these levels because given cost curve or there could be some further fall from now?
So, you think any other probably some of the rate cuts also can help in the sentiment towards commodity prices?
I just had a question on the iron ore price hike that NMDC took in Q4. So it doesn't seem to be reflecting in either the raw material cost or the mining premium and royalty. So was this due to the change in the mix of sourcing of iron ore in Q4?
And so it sustains going ahead?